1Line cookie sheet with waxed paper. In large bowl, mix cereals, walnuts and pretzels. In small bowl, stir salt and food color until color is evenly distributed.
2In 1-quart microwavable bowl, microwave baking chips uncovered on High 30 seconds. Stir; microwave 15 to 30 seconds longer or until chips can be stirred smooth. Stir in oil. Add gelatin; stir until well blended. Pour over cereal mixture; stirring until evenly coated.
3Spread on cookie sheet. Sprinkle with salt. Refrigerate uncovered about 5 minutes or until set. Store loosely covered.